[ForHackernews]

An "attestation report" is not an audit.

Tether claims accounting firms won't audit them, but that sounds like a convenient self-serving lie to me:

> In an interview with DL News, he said the Big Four accounting firms — Deloitte, PwC, EY, and KPMG — are afraid to work with Tether because they fear it will damage their reputations.

> “None of the Big Four companies will audit us,” Ardoino said. But he said securing one of them as Tether’s auditor is a “top priority.”

Is that credible to you?

[0] https://www.dlnews.com/articles/markets/tether-ceo-just-told...

[seviu]

Must admit it isn’t

Usdc is audited by Deloitte on a monthly basis.

It would be pretty stupid for Paolo to end up being naked, now that his business is printing money left and right.

To make it clear I am not pro tether, I am against visceral hate which was justified years ago but I feel it isn’t anymore. Tether gained my sympathy by freezing quite promptly funds from various hacks.

Circle on the contrary have failed every single time.

https://cryptobriefing.com/circle-lazarus-group-accusations/

Anyways this is totally unrelated

It will make for a good Netflix documentary once they get their audit

[topranks]

There is a grain of truth in what you say, but your conclusions are off.

Tether started as a way to pump the Bitcoin price, under the guise of better facilitating payments on crypto exchanges. They’d issue Tethers out of nowhere and use it to buy BTC and wash trade.

It was so successful it got to the level many people thought of it as “as good as dollars”.

This led to massive demand for it outside of Bitcoin pumpers - with criminals, sanctions evaders, money launderers of all kinds. Your granny needs to buy tethers to send money to the scammer she’s on the phone to.

So yes I do think they’ve probably moved away from issuing unbacked tethers. But only because they’ve found another niche which is also extremely suspect.

There is nothing to commend these guys. It’s a massive scam.